# In the matter of Gajanand Corporation Private Limited COMPANY PETITION (IB) No. 70-NCLT-AHM-2021

> NCLT judgment dated 2022-02-22. Citation: TCN-2022-NCLT-04015. The case involves an application filed by Eco Green Products Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 22 Feb 2022
- **Citation:** TCN-2022-NCLT-04015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gajanand-corporation-private-limited-company-petition-ib-no-70-nclt-ahm-2021-ad297bbc

## Summary

### Background

The case involves an application filed by Eco Green Products Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default amount of Rs. 1,70,10,785.64/- including interest at 24% per annum as on 22.09.2020. The Corporate Debtor denied the default amount, citing disputes over product quality and financial difficulties due to a major client entering CIRP and the COVID-19 pandemic.

## Facts

Eco Green Products Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gajanand Corporation Private Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,70,10,785.64/- including interest at 24% per annum as of 22.09.2020. The Operational Creditor supplied Fly Ash Blocks and AAC Block Jointing Chemical to the Corporate Debtor starting in 2017, raising invoices for the supplied goods. The due date for payment was the invoice date. The Operational Creditor maintained a running account, with the last invoice raised on 21.08.2018. The Corporate Debtor acknowledged the debt in an email dated 09.07.2018. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational …

**Ratio:** The limitation period for filing an application under Section 9 of the IBC is generally

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**Reasoning:** The NCLT considered that the Corporate Debtor made a payment of Rs.10,40,417/- on

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**Interpretation:** The interpretation of limitation period under IBC considers the acknowledgment

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**Application:** In this case, the part payment made by the Corporate Debtor extended the

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## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Appellants:** Eco Green…
- **Respondents:** Gajanand Corporati…

## Timeline

- **2017-01-01 — Supply of Goods…**: Corporate Debtor approached Operational Creditor to purchase Fly Ash Blocks and AAC Block…
- **2018-01-28 — Invoices…**: Operational Creditor raised invoices for the supplied products from 28.01.2018 to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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